Good morning ladies and gentlemen. At this time, we would like to welcome everyone to Cosan Limited and Cosan S.A. First Quarter of the Fiscal Year of 2013 Results Conference Call.

Today with us, we have Mr. Marcos Marinho Lutz, Cosan’s CEO and Mr. Guilherme Machado, Head of IR. We would like to inform you that this event is recorded and all participants will be in a listen-only mode during the Company’s presentation. After Cosan Limited and Cosan S.A.’s remarks, there will be a question-and-answer session for industry analysts. At that time, further instructions will be given. (Operator Instructions).The audio and slide show of this presentation are available through live webcast at www.cosan.com.br/ir the slides can also be downloaded from the webcast platform.

Before proceeding, let me mention that forward-looking statements will be made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Cosan Limited and Cosan S.A.'s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events, and therefore depend on circumstances that may or may not occur in the future.

Investor should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Cosan Limited and Cosan S.A. and could cause results to differ materially from those expressed in such forward-looking statements.

Now I'll turn the conference over to the Head of IR Guilherme Machado. Mr. Machado you may begin your conference.

Guilherme Machado

Thank you, good morning. I’d like to thank you all for joining our conference call for the results of first quarter of fiscal year 2013. And I’d like to start highlighting that in this fiscal year due to the signatures of an agreement with Group will [continue] we are not going to show Cosan Limited as a separated business units. And particular for this quarter, we are going to show its results and our financial statements as discontinued business.

And as for the next quarters moving ahead, we are going only to recognize our stake of 11.72% income yield after the contribution of Cosan Limited business. I’d like to start talking about the consolidated results, in this quarter we have the positive variation of 18.1% in our net revenues, mainly due to an increase in the revenues of the Raízen Combustíveis, our distribution division segment and that jumped from R$5.2 billion of net revenue 1Q 2012 to R$6.1 billion in the 1Q 2013. Just to remember that we do the professional consolidation of 50% for both Raízen Combustíveis and Raízen Energia and all figures. And 100% of Rumo and the Outros Business segment.

Talking about to the EBITDA we had a negative impact of 15.1% in our figures from 502 in first Q 2012 moving to 427 roughly in first Q 2013, this is mainly due to the impact of the delay in the beginning of the crop season in the results of Raízen Energia that crushed it almost 40% less sugar cane compared to the previous year, and it reflect the delay in the beginning of the crop season.

It’s important to highlight and to make it clear that we do not believe in the disruption of crop season as we observed in the last fiscal year. We do believe in our fiscal year that has been delayed due to the climate conditions in this fiscal year 2013.

Moving ahead and talking about the net income, we had our net income that had a negative impact of 110%, moving from R$167 million in the first Q 2012, compared to a net loss in this first quarter 2013 of R$17 million and this is mainly due to a negative impact of the exchange variation, due to the non-cash effect that impacted our results.

And we sees an exercise to adjust this effect in order to offset the exchange variation effect as well the result of sale of assets in both quarters and the reduction in this exercise shows that we had a negative impact of 33%, which again is mainly related to the delay in the beginning the harvest in the crop season fiscal year 2013.

Moving to high – to reach the fuel distribution business that we jointly control with Shell, we had an increase in the bottom of fuels sold in fiscal year 2013 of roughly 5%, jumping from 5.1 billion liters sold in first quarter 2012 to 5.3 billion liters of fuels sold in this quarter. And the net revenues increased roughly 6%, jumping from R$9.7 billion to R$10.3 billion, mainly due to the higher volume sold of gasoline and diesel, which are the products that have higher unit margins compared to the other products.

Talking about EBITDA, we had a significant increase in EBITDA of roughly 19%, jumping from R$310 million in this fiscal year to R$367 million in the first quarter 2013. Gross margin is jumping from 3.2% to 3.6%, which represents an EBITDA (inaudible) of R$69 million, a significant increase of roughly 13%, mainly due to the better mix of products sold in our network and a higher penetration of Shell brand as we move forward in the conversion of Esso-branded service station that used to belong to Cosan in the past.